South Sudan Central Bank to auction $16M over festive period

By Ruot George

The Central Bank of South Sudan has announced it will double the amount of foreign currency it auctions to financial institutions during the festive period.

In a statement today, the lender said it will give out $16 million instead of the $8 million it usually auctions.

“With the coming of the festivities’ season and expected rise in demands for dollars, the bank of South Sudan has decided to double the amount,” it said.

The money will be provided every Monday to commercial banks and every Tuesday to Forex Bureaus respectively, it said.

“The bank of South Sudan is also prepared to inject additional FX should there be a need to do so, and with the view to maintaining stability in the foreign exchange market,” it said.

According to the Bank of South Sudan, there are 22 commercial banks and 56 forex exchange bureaus in the country.